As a seasoned researcher with years of experience in the cryptocurrency market, I can confidently say that Ethereum’s recent surge above the $2,500 resistance is quite promising. The price action suggests a strong bullish trend, especially when considering the consolidation above the 100-hourly SMA and the forming bullish trend line.
The Ethereum price has begun a new climb surpassing the $2,500 barrier. Ethereum has seen an increase of more than 5%, and could potentially keep climbing if it manages to break past the $2,650 hurdle.
- Ethereum started a fresh increase above the $2,500 and $2,550 resistance levels.
The price is trading above $2,550 and the 100-hourly Simple Moving Average.
There is a key bullish trend line forming with support near $2,52 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue to rally if it clears the $2,620 and $2,650 resistance levels.
Ethereum Price Jumps Over 5%
The cost of Ethereum established a foundation above the $2400 mark, signaling the start of an upward trend. Bypassing the $2450 and $2500 resistance points, Ethereum positioned itself in a favorable position, outperforming Bitcoin at this stage.
In simpler terms, the bulls managed to push the price beyond $2,600. A peak was reached at $2,650, and now the price is holding steady as it consolidates its gains. The current price remains stable above the 23.6% Fibonacci retracement level of the uptrend that started from the $2,442 low and peaked at $2,650.
As an analyst, I’m observing that the current Ethereum price has surpassed the $2,550 mark and is now trading above its 100-hour Simple Moving Average. Additionally, a significant bullish trend line appears to be taking shape, offering support around $2,52 on the hourly ETH/USD chart.
From a positive perspective, it appears that the price may encounter obstacles around the $2,640 mark. The initial significant barrier lies at approximately $2,650. If we see a decisive break above this $2,650 barrier, it could potentially push the price towards the next resistance at $2,720. An advance beyond the $2,720 resistance could indicate further growth in the upcoming sessions.
In the given scenario, it’s possible that the price of Ether might approach the resistance area around $2,800 in the short term. The upcoming challenge could be found at approximately $2,880 or $2,920.
Another Decline In ETH?
If Ethereum doesn’t manage to surpass the $2,650 barrier, it might initiate another drop. The initial support can be found around $2,600. The primary support lies near the $2,520 region and includes the trend line or the 61.8% Fibonacci retracement level of the uptrend that started from the $2,442 low and peaked at $2,650 high.
If the price falls significantly below $2,520, it could potentially drop to around $2,450. Further declines may even take it towards the nearby $2,400 support. The significant support level that follows is situated at $2,350.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $2,600
Major Resistance Level – $2,650
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2024-10-15 07:36